BOSTON — Lynnfield, Mass.-based Powers & Co., a boutique retail brokerage firm, is merging with The Dartmouth Co., a retail real estate advisory and brokerage firm. Focusing on the Greater Boston suburbs and Cape Cod, Mass., Powers & Co. specializes in representing retail landlords and owners throughout New England. The Dartmouth Co. specializes in tenant and landlord representation in the Northeast and throughout the United States and provides a variety of services, including dispositions, investment sales and consulting and advisory services. Additionally, the company recently created a full-service commercial retail property management division. Powers & Co.’s suburban focus will enhance Dartmouth’s depth of market and solidify its place as the area’s best-in-class retail real estate advisory and brokerage company.
SCHAUMBURG, ILL. — KeyBank Real Estate Capital has provided a $21.7 million Freddie Mac loan for the acquisition of Legacy at Poplar Creek in Schaumburg. Built in 1986, the 196-unit multifamily property is comprised of 20 two-story buildings. Trevor Ritter of KeyBank originated the seven-year loan. The borrower was not disclosed.
LOCKPORT, ILL. — Illinois Tool Works Inc. (ITW) has signed a 102,390-square-foot industrial lease in Lockport, 30 miles southwest of Chicago. ITW is a global manufacturer of engineered fasteners and components. The 293,872-square-foot industrial facility is located within Heritage Crossing, a 228-acre business park. H. Charles Osweiler of Nicolson Porter & List represented ITW in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ownership, ML Realty Partners.
MILWAUKEE — The Manitowoc Co. has signed a 16,266-square-foot office lease at One Park Plaza in Milwaukee for its corporate headquarters. The global manufacturer of cranes and lifting solutions for the construction industry will occupy the space within the Park Place office park by the end of the first quarter. The 199,326-square-foot office building is one of the 24 buildings that make up the office park. The move will allow the company better access to infrastructure and a larger talent pool, according to David Antoniuk, senior vice president and CFO of Manitowoc. Matt Hunter of CBRE represented Manitowoc in the lease transaction. Alyssa Geisler, also of CBRE, represented the landlord, GLL Real Estate Partners.
LAKEWOOD, OHIO — Hunt Mortgage Group has provided a $6 million Freddie Mac loan for the refinancing of Harbour View in Lakewood, about seven miles west of Cleveland. The 131-unit apartment property is located at 1370 Sloane Ave. Built in 1971, the nine-story building is currently 98 percent occupied. The borrower, Harbour View Associates Ltd., has invested more than $1 million in capital improvements to the property over the last five years. The 10-year loan features a 30-year amortization schedule.
LA PORTE, IND. — Huff, Niehaus & Associates Inc. has brokered the sale of the Best Western Plus hotel in La Porte, about 30 miles west of South Bend, for $4.5 million. The 142-room hotel also features a conference center. GDR Hospitality LLC has operated the hotel for over 10 years. The buyer, BRK Colorado Inc., intends to retain the Best Western Plus franchise and make renovations to the property. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction.
SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has chosen the following 20 metropolitan areas (in alphabetical order) as potential locations for HQ2, the company’s planned $5 billion second headquarters in North America: – Atlanta – Austin, Texas – Boston – Chicago – Columbus, Ohio – Dallas – Denver – Indianapolis – Los Angeles – Miami – Montgomery County, Md. – Nashville, Tenn. – Newark, N.J. – New York City – Northern Virginia – Philadelphia – Pittsburgh – Raleigh, N.C. – Toronto – Washington, D.C. “Thank you to all 238 communities that submitted proposals. Getting from 238 to 20 was very tough — all the proposals showed tremendous enthusiasm and creativity,” says Amazon spokesperson Holly Sullivan. “Through this process we learned about many new communities across North America that we will consider as locations for future infrastructure investment and job creation.” In the coming months, Amazon will work with each of the candidate locations to dive deeper into their proposals, request additional information and evaluate the feasibility of a future partnership that can accommodate the company’s hiring plans, as well as benefit its employees and the local community. Amazon expects to make a decision this year. Amazon has emphasized that HQ2 will …
Welcome to St. Louis, Missouri. Home to nine Fortune 500 companies and the 11-time world champion St. Louis Cardinals franchise. St. Louis currently lays claim to nearly 3 million residents in the metropolitan statistical area and has exemplified economic stability and consistent growth since the Great Recession. Herein we’ll explore one key indicator of the economic health of the region: the slow but steady growth of the St. Louis office market. Demand drivers With approximately 136 million square feet of space, St. Louis is one of the largest office markets in the Midwest, and it is getting larger. Increased demand in the local office market has been predominantly driven by job growth and the consistent decrease in unemployment since its high mark of 10.4 percent in the fourth quarter of 2009. As of November 2017, the region’s unemployment rate is down to a healthy 3.3 percent, compared to a national average of 4.1 percent. Consequently, this demand for office space has resulted in decreased vacancy, increased rental rates and, ultimately, new construction. At the end of the third quarter of 2017, the vacancy rate was 7.6 percent, down from 8.7 percent in 2016. Average asking rental rates were up to …
COLORADO SPRINGS, COLO. — Hamilton Zanze has purchased the 364-unit Bella Springs apartments in Colorado Springs for $71 million. The community is located at 1050 Milano Point in the northern part of the city. The garden-style asset was built in 2001. It offers a mix of one-, two- and three-bedroom floor plans with an average apartment size of 855 square feet. On-site amenities include covered parking, two swimming pools, a fitness center and clubhouse/coffee lounge. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, Praedium Group, in this transaction.
PARK CITY, UTAH — Sonnenblick-Eichner Co. has arranged $60 million in financing for the 177-room St. Regis Deer Valley resort in Park City. The resort is located at 2300 Deer Valley Drive E. The St. Regis Deer Valley offers 67 hotel condominium suites divisible into 177 hotel keys and 25 private whole-ownership residences. The ski-in, ski-out resort includes amenities like the 14,000-square-foot Remède Spa, fitness facilities, a Jean-Georges Vongerichten signature restaurant (J&G Grill) and the Deer Crest Club, a private club. A domestic life insurance company funded the loan in a highly structured transaction. Proceeds of this non-recourse financing were used to refinance existing debt with a new long-term, fixed-rate loan. The proceeds will also fund the next phase of the resort’s development, which will include additional condominium and hotel units, a destination restaurant and other amenities. Construction on the next phase is scheduled to begin in late 2018 or early 2019. This is the third financing Sonnenblick-Eichner has arranged for the ownership. This includes a $212.5 million construction loan and a subsequent permanent loan.